The amount of Rosgosstrakh premiums for the first half of this year decreased by 44.5% to 28.1 billion rubles. against 50.6 billion a year earlier, follows from its accounts for the II quarter. Payments of the insurer fell even more - 2.4 times to 22 billion rubles., Says there.
"Rosgosstrakh" is purposefully engaged in the recovery of the portfolio, in which, before, a significant part was accounted for by unprofitable contracts of OSAGO "multiplying the negative result of work," the representative of the insurer explains the results. Reporting confirms this. Most strongly, Rosgosstrakh reduced its MTPL fees: 9.3 billion rubles. against 22.4 billion a year earlier. Last year, Rosgosstrakh began to curtail the business of OSAGO. In the IV quarter, its share in this market was about 10%, compared to almost 40% in 2015. Rosgosstrakh's strategy stipulates that by 2021, only 15% of fees are due for compulsory motor TPL insurance.
The representative of Rosgosstrakh asserts that due to more strict management of the quality of sales and settlement of losses, "it was possible to break the vicious circle of OSAGO", which in the first half of the year became profitable. However, its profitability is low, it is noted in the report of the insurer. Now the share of OSAGO in its portfolio is 32% (36% at the end of 2017), the remaining voluntary types of insurance (hull insurance, personal property) increased by 10% and now occupy half of the portfolio, the representative of the company continues. The portfolio of Rosgosstrakh has become more balanced, which affected the financial results, the company representative said.
In the first half of the year, Rosgosstrakh received a net profit of 2.4 billion rubles. against 15.6 billion loss a year earlier.
"Rosgosstrakh" first received a loss of 5 billion rubles. in 2015, and since then it has only grown. In 2017, Rosgosstrakh received a record loss of up to 55.6 billion rubles. The shareholder of the company - Bank Otkritie FC - in 2017 invested 106 billion rubles in Rosgosstrakh.
To get profit on the results of the half-year, Rosgosstrakh succeeded mainly by reducing the loss ratio (the ratio of payments and other expenses to fees): in January-June 2017 it was 103%, and in the first half of this year it dropped to 61%, notes director of the group of ratings of financial institutions ACRA Alexei Bredikhin. As a result, insurance activities brought in 4 billion rubles. against 20 billion rubles. loss a year earlier, he continues. In other respects there is no progress, Bredikhin points out: investment income decreased from 3.7 billion to 0.7 billion rubles. General and administrative expenses increased from 3.9 billion to 4.3 billion rubles.
At the end of the year, the insurer plans to make a profit - for the first time after three unprofitable years, but it will be small - only 0.5 billion rubles., Said the general director of Rosgosstrakh Nikolaus Fry.